Moneta Gold closes $15.4M bought deal to fund Tower exploration

Aerial view of the Windjammer gold zones at Moneta’s Golden Highway project in northern Ontario. Credit: Moneta Gold

Moneta Gold (TSX: ME; OTC: MEAUF) has closed its previously announced and upsized bought deal private placement for aggregate gross proceeds of $15.4 million. The offering, which was oversubscribed, consists of 6.0 million flow-through common shares at an issue price of $2.40 per share and 608,000 shares at $1.645 per share.

The financing was led by Stifel GMP, on behalf of itself and a syndicate of underwriters that included Haywood Securities, iA Private Wealth, Paradigm Capital, and Sprott Capital Partners.

“The successful closing of our upsized and oversubscribed financing has strengthened our balance sheet, allowing Moneta to continue de-risking the Tower gold project,” Gary O’Connor, president, CEO and director of Moneta, said.

Located 100 km east of Timmins, Ont., the Tower gold property is comprised of two adjacent gold deposits: Golden Highway and Garrison. The project currently hosts a combined mineral resource estimate of 4.3 million oz. indicated (147 million tonnes at 0.9 g/t) and 7.5 million oz. inferred (220 million tonnes at 1.06 g/t) in both open pit and underground.

Moneta’s 2022 drill program is primarily designed to infill and upgrade the Tower project’s resource categories. An updated preliminary economic assessment encompassing the entire project is to be completed in the third quarter of 2022.

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